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[Alpha Biz=(Chicago) Reporter Kim Jisun] Danal Paycoin applied for a suspension of execution against financial authorities in protest of "the failure to accept a report on the change of virtual asset operators," but it was not accepted. As a result, the payment service using Paycoin has been confirmed to be terminated on the 6th.

The 13th Administrative Division of the Seoul Administrative Court (Presiding Judge Park Jung-dae) on the 3rd rejected a request for suspension of execution filed by Paycoin issuer PayProtocol against the head of the Financial Intelligence Unit on the 26th of last month. Dismissal refers to the completion of the trial procedure without hearing the merits if the litigation requirements are defective or inappropriate.

According to the agreement, the Financial Intelligence Unit (FIU) will report it by December 2022 Although it has been given sufficient opportunity to have a case, it has been confirmed that it is attributable to PayProtocol, stressing that PayProtocol failed to keep its promise.

The court finally ruled in favor of FIU after listening to both sides' opinions.

Meanwhile, the payment service using Paycoin is scheduled to end on the 6th, depending on the outcome of the trial. This is because FIU earlier informed us of the non-repair last month and informed us to terminate related services by that date.

In addition, with the end of the Paycoin service, Paycoin's "period of designation of important stocks" is also scheduled for the 6th. The Digital Asset Exchange Council (DAXA), which consists of the nation's top five exchanges (Upbit, Bithumb, Coinone, Korbit, and Gopax), is expected to use the results of the trial as the basis for its decision to delist.

 

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